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The First-Home-Buyer Checklist
Everything to sort out before you start house-hunting, deposit, borrowing power, government schemes, and the paperwork lenders actually ask for. Put together by Shaheera, who spent 20+ years inside the banks.
Or read our full guide to Victoria's first home buyer schemes →
Everything to have sorted before you start looking
Everything worth sorting before you start looking, in the order it actually matters. No email needed — it's all here.
1. Work out your real deposit
- Know what 5%, 10% and 20% each meanUnder 20% usually brings Lenders Mortgage Insurance, which can run into tens of thousands. The government's 5% Deposit Scheme and a family guarantor are the two common ways around it.
- Budget for the costs on top of the depositStamp duty or the first-home concession, conveyancing, building and pest inspection, loan fees, moving. Set aside a few thousand beyond the deposit itself.
- Check how long the money has been yoursMost lenders want three to six months of genuine savings. A lump sum that landed last week gets questions, and a gift needs a letter from whoever gave it to you.
2. Understand what lenders look at
- The income they will actually countBase salary is straightforward. Overtime, bonuses, commission and casual income get counted at a discount, or not at all, depending on the lender and how long you have been there.
- Credit cards count at their limit, not their balanceA card you never touch with a $15,000 limit still cuts what you can borrow. Closing or reducing cards you do not use is the quickest way to lift what you can borrow.
- Buy-now-pay-later and small loans show up tooAfterpay, Zip, a car loan, a HECS balance. All of it appears in your statements and all of it moves the number.
- Your living expenses get benchmarkedLenders compare what you declare against a standard household benchmark and use whichever is higher. Three months of tidy statements helps your case.
3. Check which schemes you qualify for
- The Australian Government 5% Deposit SchemeBuy with a 5% deposit and no LMI, subject to price caps and eligibility rules. Places and caps change, so check the current rules rather than an old article.
- First Home Owner Grant (Victoria)New homes only, not established ones. Worth confirming before you make an offer on an older home.
- Stamp duty concessionsVictoria exempts or discounts stamp duty for first home buyers under set thresholds. It is often the single biggest saving available to you.
- Help to Buy and shared equityThe government takes an equity share so you borrow less. It suits some buyers and not others, and it is worth a conversation before you assume either way.
4. Get your documents together
- IdentificationDriver licence and passport, or the equivalent hundred points.
- IncomeYour two most recent payslips plus a recent employment letter or contract. Self-employed: two years of tax returns and notices of assessment.
- BankingThree to six months of statements for every transaction and savings account, plus statements for any loan or credit card.
- Deposit evidenceStatements showing the savings history, or a gift letter if family is contributing.
5. Avoid what trips people up
- Applying to several lenders at onceEvery application marks your credit file. Several in a short period looks bad to a lender, even when each one was just a look.
- Treating pre-approval as a guaranteeIt is a conditional yes based on what you have told them. It expires, usually after three months, and the lender still has to assess the property.
- Taking on new debt mid-applicationA car on finance between pre-approval and settlement has cost plenty of people the purchase. Buy the car after settlement.
- Changing jobs before settlementEven a better job can stall an application if you are inside a probation period.
- Skipping the cooling-off and finance clausesKnow what your contract says before you sign it, not after.
We will tell you which of the above actually applies to you. Free, no obligation. General information only — your full situation needs to be considered before any loan.
Why Exceed Finance
- Free service, paid by the lender on settlementYou get the checklist and guidance at no cost to you.
- 35+ lenders comparedWe don't work for any single bank. We find the loan that fits your situation.
- 20+ years' experience, plain-English guidanceShaheera spent two decades inside the banks before becoming a broker. No jargon.
Good questions
First home buying questions
Most lenders ask for at least a 10–20% deposit, but there are pathways with as little as 5% through the government's 5% Deposit Scheme, or around 2% with the Help to Buy shared-equity scheme. The checklist walks you through each option and what you'll need to qualify, plus lenders' mortgage insurance and when it applies.
It's the federal scheme once known as the First Home Guarantee, now called the Australian Government 5% Deposit Scheme. It lets eligible first home buyers purchase with a 5% deposit and skip lenders' mortgage insurance. As of October 2025 there are no income caps and no limit on places. You mainly need to be a first home buyer and owner-occupier, an Australian citizen or permanent resident, and buying under the price cap for your area ($950,000 for Melbourne and Geelong). We can confirm your situation in one call.
In Victoria, eligible first home buyers may qualify for the First Home Owner Grant ($10,000 on new builds up to $750,000), stamp-duty savings (no duty up to $600,000, then a sliding concession to $750,000), and the federal Help to Buy shared-equity scheme. Note the old Victorian Homebuyer Fund has closed, Help to Buy has replaced it. The checklist sets out what applies at different price points.
Getting pre-approval can take a few days to a week once your documents are ready. Finding the right property varies, plan for at least 2–4 months of active searching. Once you've made an offer, settlement is typically 4–6 weeks. The checklist sets out a realistic timeline from the first chat to settlement.
The essentials: 3 months of payslips, your most recent tax return and ATO notice of assessment, 3–6 months of bank statements, photo ID, and details of any existing debts or credit cards. The checklist has a full document-ready section so nothing gets missed.
You don't need one, but a good broker saves you time and money. We compare 35+ lenders at once, handle the paperwork, and know which lenders are more flexible with first-home-buyer applications. And because we're paid by the lender on settlement, our service costs you nothing in most cases.
Ready to talk it through?
The checklist is above, all of it. If you want to know which parts apply to you, book a Free Chat with Shaheera or call her. No cost, no pressure.